Fox Williams advises Cedarvale Holdings Ltd on an unrecommended tender offer for shares in AIM quoted Northern Bear Plc

January 14, 2020

City law firm Fox Williams LLP has advised Cedarvale Holdings Ltd on its unrecommended tender offer for shares in AIM quoted Northern Bear Plc. The Northern Bear family of businesses provides specialist building services to local authorities, housing associations, NHS trusts, universities, construction companies and national house builders throughout Northern England and beyond.

Cedarvale’s cash offer of 72 pence per share represented a 20 per cent premium to the Northern Bear closing bid price on 25 September 2019. The tender offer was accepted by shareholders in respect of 4,655,217 Shares, representing approximately 25.1% of the issued share capital of Northern Bear.

The Fox Williams team was led by corporate partner Guy Morgan, supported by corporate associates Sarah Carlton and Freddie De Boise.

Guy Morgan commented: “We were delighted to advise Cedarvale on this transaction. Tender offers to shareholders of third-party companies are relatively rare but, as this transaction proves, they can be effective. The ability to convey an offer to the entire shareholder base of a company, rather than just to major shareholders, combined with the relative simplicity of the tender offer process means that, in certain circumstances, tender offers can be an attractive option to consider.”

Related pages:

Capital Markets more

Corporate more

For more information


Guy Morgan
Direct dial: +44 (0)7941 368 653


Sarah Carlton
Senior Associate
Direct dial: +44 (0)7525 406 049


Freddie De Boise
Direct dial: +44 (0)7921 820 349


  • Top Ranked Chambers UK 2014 - Leading Firm
  • Ranked in Chambers Europe 2013 - Leading Individual
  • Ranked in Chambers Global 2014 - Leading Firm
  • Legal 500 - Leading Firm
  • The Lawyer UK 200 - Listed Firm
  • The Law Society Excellence Awards 2012 - Shortlisted
  • Investors in People - Bronze